Section 55Part 11 — Restrictions, Savings and General Provisions
Powers not assignable; contract not to exercise powers void
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The powers under this Law of a tenant for life are not capable of assignment or release, and do not pass to a person as being, by operation of law or otherwise, an assignee of a tenant for life, and remain exercisable by the tenant for life after and notwithstanding any assignment, by operation of law or otherwise, of his estate or interest under the settlement.
A contract by a tenant for life not to exercise any of his powers under this Law is void.
This section shall operate without prejudice to the rights of any person being an assignee for value by instrument duly recorded in the Record Office of the estate or interest of the tenant for life; and in that case the assignee's rights shall not be affected without his consent, except that, unless the assignee is actually in possession of the settled land or part thereof, his consent shall not be requisite for the making of leases thereof by the tenant for life, provided the leases are made at the best rent that can reasonably be obtained without fine, and in other respects are in conformity with this Law.
This section extends to assignments made or coming into operation before or after and to acts done before or after the commencement of this Law; and in this section assignment includes assignment by way of mortgage, and any partial or qualified assignment, and any charge or incumbrance; and assignee has a meaning corresponding with that of assignment.
Every instrument whereby a tenant for life, in consideration of marriage or as part or by way of any family arrangement, not being a security for payment of money advanced, makes an assignment of or creates a charge upon his estate or interest under the settlement shall be deemed one of the instruments creating the settlement, and not an instrument vesting in any person any right as assignee for value within the meaning or operation of this section.
Subsection (5) shall apply and have effect with respect to every disposition unless inconsistent with the nature or terms of such disposition.